Form N-Q Advantage Funds, Inc. For: Nov 30
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
Investment Company Act file number |
811-07123 | |||||
|
| |||||
|
Advantage Funds, Inc. |
| ||||
|
(Exact name of Registrant as specified in charter) |
| ||||
|
|
| ||||
|
c/o The Dreyfus Corporation 200 Park Avenue New York, New York 10166 |
| ||||
|
(Address of principal executive offices) (Zip code) |
| ||||
|
|
| ||||
|
Bennett A. MacDougall, Esq. 200 Park Avenue New York, New York 10166 |
| ||||
|
(Name and address of agent for service) |
| ||||
| ||||||
Registrant's telephone number, including area code: |
(212) 922-6400 | |||||
|
| |||||
Date of fiscal year end:
|
08/31 |
| ||||
Date of reporting period: |
11/30/16 |
| ||||
The following N-Q relates only to the Registrant's series listed below and does not relate to any series of the Registrant with a different fiscal year end and, therefore, different N-Q reporting requirements. A separate N-Q will be filed for any series with a different fiscal year end, as appropriate.
Dreyfus Opportunistic Midcap Value Fund
Dreyfus Opportunistic Small Cap Fund
Dreyfus Opportunistic U.S. Stock Fund
Dreyfus Strategic Value Fund
Dreyfus Structured Midcap Fund
Dreyfus Technology Growth Fund
STATEMENT OF INVESTMENTS
Dreyfus Opportunistic Midcap Value Fund
November 30, 2016 (Unaudited)
Common Stocks - 99.5% | Shares | Value ($) | |
Automobiles & Components - .6% | |||
Visteon | 97,600 | 7,678,192 | |
Banks - 2.2% | |||
KeyCorp | 1,696,448 | 29,365,515 | |
Capital Goods - 10.8% | |||
HD Supply Holdings | 1,382,611 | a | 54,253,656 |
Hubbell | 200,551 | 22,517,866 | |
Snap-on | 234,246 | 39,165,931 | |
Textron | 662,388 | 30,489,720 | |
146,427,173 | |||
Consumer Services - 1.7% | |||
Houghton Mifflin Harcourt | 141,905 | a | 1,568,050 |
Royal Caribbean Cruises | 270,769 | 21,924,166 | |
23,492,216 | |||
Diversified Financials - 28.6% | |||
Capital One Financial | 332,419 | 27,936,493 | |
E*TRADE Financial | 1,998,153 | a | 68,956,260 |
Intercontinental Exchange | 565,671 | 31,338,173 | |
Leucadia National | 2,619,226 | 57,675,357 | |
Raymond James Financial | 653,882 | 47,040,271 | |
SLM | 5,570,961 | a | 56,099,577 |
Synchrony Financial | 1,779,086 | 61,485,212 | |
TD Ameritrade Holding | 916,656 | 37,592,063 | |
388,123,406 | |||
Energy - 1.2% | |||
Cheniere Energy | 395,630 | a | 16,165,442 |
Exchange-Traded Funds - .6% | |||
SPDR S&P MidCap 400 ETF Trust | 26,879 | 7,967,742 | |
Food, Beverage & Tobacco - 2.5% | |||
Archer-Daniels-Midland | 784,957 | 33,933,691 | |
Health Care Equipment & Services - .4% | |||
Humana | 26,536 | 5,642,615 | |
Insurance - 2.1% | |||
Assurant | 335,692 | 28,983,647 | |
Materials - 5.0% | |||
Mosaic | 1,750,004 | b | 49,700,114 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks - 99.5% (continued) | Shares | Value ($) | |
Materials - 5.0% (continued) | |||
Newmont Mining | 160,385 | 5,202,889 | |
Potash Corp of Saskatchewan | 705,494 | 12,861,156 | |
67,764,159 | |||
Media - 1.9% | |||
CBS, Cl. B | 121,775 | 7,394,178 | |
Sinclair Broadcast Group, Cl. A | 550,323 | 17,913,014 | |
25,307,192 | |||
Pharmaceuticals, Biotechnology & Life Sciences - 6.1% | |||
Akorn | 1,011,775 | a | 21,469,865 |
Jazz Pharmaceuticals | 300,047 | a | 31,093,871 |
Mylan | 840,804 | a | 30,781,834 |
83,345,570 | |||
Real Estate - .8% | |||
Outfront Media | 406,883 | c | 10,257,520 |
Retailing - 8.6% | |||
Bed Bath & Beyond | 602,374 | 26,992,379 | |
LKQ | 474,526 | a | 15,578,689 |
Staples | 4,125,477 | 39,893,363 | |
Tiffany & Co. | 133,575 | 11,017,266 | |
Williams-Sonoma | 429,611 | b | 23,534,091 |
117,015,788 | |||
Semiconductors & Semiconductor Equipment - 5.2% | |||
Lam Research | 218,783 | 23,195,374 | |
Maxim Integrated Products | 567,606 | 22,289,888 | |
Teradyne | 448,154 | 10,925,995 | |
United Microelectronics, ADR | 7,505,323 | 13,659,688 | |
70,070,945 | |||
Software & Services - 4.0% | |||
Broadridge Financial Solutions | 197,450 | 12,782,913 | |
CommVault Systems | 59,678 | a | 3,222,612 |
eBay | 609,357 | a | 16,946,218 |
First Data, Cl. A | 1,017,486 | a | 14,824,771 |
Intuit | 60,375 | 6,863,430 | |
54,639,944 | |||
Technology Hardware & Equipment - 11.8% | |||
Amphenol, Cl. A | 199,049 | 13,587,085 | |
Ciena | 1,035,736 | a | 22,216,537 |
Corning | 1,183,810 | 28,446,954 | |
FLIR Systems | 794,511 | 28,530,890 | |
Hewlett Packard Enterprise | 837,999 | 19,944,376 |
Common Stocks - 99.5% (continued) | Shares | Value ($) | ||
Technology Hardware & Equipment - 11.8% (continued) | ||||
Keysight Technologies | 826,752 | a | 30,449,276 | |
Viavi Solutions | 2,249,202 | a | 17,656,236 | |
160,831,354 | ||||
Transportation - 2.7% | ||||
Hertz Global Holdings | 660,852 | a | 16,640,253 | |
Norfolk Southern | 193,377 | 20,586,915 | ||
37,227,168 | ||||
Utilities - 2.7% | ||||
American Water Works | 181,062 | 13,121,563 | ||
Calpine | 2,108,195 | a | 23,506,374 | |
36,627,937 | ||||
Total Common Stocks (cost $1,180,053,523) | 1,350,867,216 | |||
Master Limited Partnerships - .6% | ||||
Diversified Financials - .6% | ||||
Blackstone Group LP | ||||
(cost $6,525,207) | 320,902 | 8,260,017 | ||
Other Investment - .8% | Shares | Value ($) | ||
Registered Investment Company; | ||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | ||||
(cost $11,549,205) | 11,549,205 | d | 11,549,205 | |
Investment of Cash Collateral for Securities Loaned - .1% | ||||
Registered Investment Company; | ||||
Dreyfus Institutional Preferred Money Market Fund, Hamilton Shares | ||||
(cost $1,236,661) | 1,236,661 | d | 1,236,661 | |
Total Investments (cost $1,199,364,596) | 101.0 | % | 1,371,913,099 | |
Liabilities, Less Cash and Receivables | (1.0 | %) | (14,232,667 | ) |
Net Assets | 100.0 | % | 1,357,680,432 |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
LP—Limited Partnership
SPDR—Standard & Poor's Depository Receipt
a |
Non-income producing security. |
b |
Security, or portion thereof, on loan. At November 30, 2016, the value of the fund’s securities on loan was $42,020,817 and the value of the collateral held by the fund was $41,493,007, consisting of cash collateral of $1,236,661 and U.S. Government & Agency securities valued at $40,256,346. |
c |
Investment in real estate investment trust. |
d |
Investment in affiliated money market mutual fund. |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Portfolio Summary (Unaudited)† | Value (%) |
Diversified Financials | 29.2 |
Technology Hardware & Equipment | 11.8 |
Capital Goods | 10.8 |
Retailing | 8.6 |
Pharmaceuticals, Biotechnology & Life Sciences | 6.1 |
Semiconductors & Semiconductor Equipment | 5.2 |
Materials | 5.0 |
Software & Services | 4.0 |
Transportation | 2.7 |
Utilities | 2.7 |
Food, Beverage & Tobacco | 2.5 |
Banks | 2.2 |
Insurance | 2.1 |
Media | 1.9 |
Consumer Services | 1.7 |
Energy | 1.2 |
Money Market Investments | .9 |
Real Estate | .8 |
Automobiles & Components | .6 |
Exchange-Traded Funds | .6 |
Health Care Equipment & Services | .4 |
101.0 |
† Based on net assets.
See notes to financial statements.
STATEMENT OF INVESTMENTS
Dreyfus Opportunistic Midcap Value Fund
November 30, 2016 (Unaudited)
The following is a summary of the inputs used as of November 30, 2016 in valuing the fund’s investments:
Level 2 - Other | ||||
Level 1 - Unadjusted | Significant | Level 3 -Significant | ||
Quoted Prices | Observable Inputs | Unobservable Inputs | Total | |
Assets ($) | ||||
Investments in Securities: | ||||
Equity Securities— | ||||
Domestic Common | ||||
Stocks† | 1,316,378,630 | - | - | 1,316,378,630 |
Equity Securities— | ||||
Foreign Common | ||||
Stocks† | 26,520,844 | - | - | 26,520,844 |
Exchange-Traded Funds | 7,967,742 | - | - | 7,967,742 |
Master Limited | ||||
Partnerships† | 8,260,017 | - | - | 8,260,017 |
Mutual Funds | 12,785,866 | - | - | 12,785,866 |
† | See Statement of Investments for additional detailed categorizations. |
NOTES
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:
Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. For open short positions, asked prices are used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not
NOTES
traded on an exchange are valued at their net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.
Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices. U.S. Treasury Bills are valued at the mean price between quoted bid prices and asked prices by an independent pricing service (the"Service") approved by the Board Members ("Board").These securities are generally categorized within Level 2 of the fair value hierarchy.
The Service’s procedures are reviewed by Dreyfus under the general supervision of the Board.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant American Depository Receipts and financial futures. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.
When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.
Pursuant to a securities lending agreement with The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by Dreyfus or U.S. Government and Agency securities. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, The Bank of New York Mellon is required to replace the securities for the
NOTES
benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund’s rights against the borrower and the collateral.
Effective July 1, 2015, the fund adopted new accounting guidance under Accounting Standards Update No. 2014-11, which requires expanded disclosures related to financial assets pledged in secured financing transactions (such as securities lending) and the related contractual maturity terms of these secured transactions. The type of securities loaned for which cash collateral was received, is indicated in the Statement of Investments. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis.
At November 30, 2016, accumulated net unrealized appreciation on investments was $172,548,503, consisting of $228,695,137 gross unrealized appreciation and $56,146,634 gross unrealized depreciation.
At November 30, 2016, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC on Form N-CSR.
STATEMENT OF INVESTMENTS
Dreyfus Opportunistic Small Cap Fund
November 30, 2016 (Unaudited)
Common Stocks - 99.8% | Shares | Value ($) | |
Automobiles & Components - 1.6% | |||
Visteon | 185,945 | 14,628,293 | |
Banks - 14.6% | |||
Ameris Bancorp | 259,805 | a | 11,652,254 |
Banner | 221,721 | 11,558,316 | |
Columbia Banking System | 172,139 | 6,854,575 | |
FCB Financial Holdings, Cl. A | 458,225 | b | 20,276,456 |
First Interstate BancSystem, Cl. A | 284,058 | 10,723,190 | |
MGIC Investment | 1,730,669 | b | 15,697,168 |
Pinnacle Financial Partners | 156,493 | a | 10,093,799 |
Simmons First National, Cl. A | 99,428 | 6,010,423 | |
South State | 109,467 | a | 9,299,222 |
SVB Financial Group | 179,237 | b | 28,324,823 |
130,490,226 | |||
Capital Goods - 2.8% | |||
CLARCOR | 99,357 | 6,999,701 | |
Simpson Manufacturing | 146,205 | 6,892,104 | |
TASER International | 163,362 | a,b | 4,448,347 |
Thermon Group Holdings | 336,271 | b | 6,469,854 |
24,810,006 | |||
Commercial & Professional Services - 3.6% | |||
Knoll | 250,352 | 6,636,832 | |
Steelcase, Cl. A | 535,806 | 8,331,783 | |
TrueBlue | 805,488 | b | 16,874,974 |
31,843,589 | |||
Consumer Durables & Apparel - 2.4% | |||
Deckers Outdoor | 173,303 | a,b | 10,308,062 |
G-III Apparel Group | 341,259 | b | 9,268,594 |
WCI Communities | 78,935 | b | 1,835,239 |
21,411,895 | |||
Consumer Services - .8% | |||
Fogo De Chao | 75,201 | b | 1,041,534 |
Houghton Mifflin Harcourt | 233,758 | a,b | 2,583,026 |
Potbelly | 249,544 | b | 3,406,276 |
7,030,836 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks - 99.8% (continued) | Shares | Value ($) | |
Diversified Financials - 10.4% | |||
Donnelley Financial Solutions | 304,849 | 5,813,470 | |
FNFV Group | 639,956 | b | 8,191,437 |
Green Dot, Cl. A | 385,419 | b | 9,292,452 |
Investment Technology Group | 468,791 | 8,738,264 | |
Landcadia Holdings | 301,090 | 3,125,314 | |
Raymond James Financial | 323,854 | 23,298,057 | |
SLM | 3,443,676 | b | 34,677,817 |
93,136,811 | |||
Energy - 1.5% | |||
Arch Coal, Cl. A | 177,607 | a,b | 13,858,674 |
Exchange-Traded Funds - 1.3% | |||
iShares Russell 2000 ETF | 89,527 | a | 11,782,648 |
Health Care Equipment & Services - .8% | |||
Adeptus Health, Cl. A | 248,565 | a,b | 2,082,975 |
Brookdale Senior Living | 450,771 | b | 5,242,467 |
7,325,442 | |||
Household & Personal Products - .7% | |||
Avon Products | 1,135,583 | b | 6,098,081 |
Materials - 5.6% | |||
Methanex | 886,890 | a | 39,023,160 |
New Gold | 501,816 | b | 1,796,501 |
OMNOVA Solutions | 965,074 | b | 9,264,710 |
50,084,371 | |||
Media - 5.1% | |||
Gray Television | 850,822 | b | 8,593,302 |
Nexstar Broadcasting Group, Cl. A | 295,360 | a | 17,618,224 |
Sinclair Broadcast Group, Cl. A | 595,795 | a | 19,393,127 |
45,604,653 | |||
Pharmaceuticals, Biotechnology & Life Sciences - 7.1% | |||
Akorn | 89,565 | b | 1,900,569 |
Flamel Technologies, ADR | 779,065 | b | 8,273,670 |
Flexion Therapeutics | 327,870 | a,b | 5,409,855 |
GW Pharmaceuticals, ADR | 117,086 | a,b | 13,072,652 |
Revance Therapeutics | 628,035 | a,b | 10,519,586 |
TherapeuticsMD | 4,067,050 | b | 24,158,277 |
63,334,609 | |||
Retailing - 5.5% | |||
Lithia Motors, Cl. A | 266,714 | 24,511,017 | |
Office Depot | 4,466,642 | 21,752,547 |
Common Stocks - 99.8% (continued) | Shares | Value ($) | |
Retailing - 5.5% (continued) | |||
Staples | 279,617 | 2,703,896 | |
48,967,460 | |||
Semiconductors & Semiconductor Equipment - 7.9% | |||
Applied Micro Circuits | 1,357,814 | b | 11,880,872 |
Cavium | 375,870 | b | 21,435,866 |
Microsemi | 272,924 | b | 14,942,589 |
Teradyne | 901,905 | 21,988,444 | |
70,247,771 | |||
Software & Services - 6.2% | |||
CommVault Systems | 388,329 | b | 20,969,766 |
Envestnet | 115,997 | a,b | 4,187,492 |
Silver Spring Networks | 233,247 | b | 3,253,796 |
Square, Cl. A | 1,778,400 | 23,012,496 | |
WebMD Health | 75,942 | a,b | 4,050,746 |
55,474,296 | |||
Technology Hardware & Equipment - 13.3% | |||
Ciena | 993,591 | a,b | 21,312,527 |
Fabrinet | 220,186 | b | 9,423,961 |
Infinera | 1,322,469 | a,b | 11,240,987 |
Keysight Technologies | 243,736 | b | 8,976,797 |
Lumentum Holdings | 183,633 | b | 7,363,683 |
Methode Electronics | 402,216 | 14,861,881 | |
Sierra Wireless | 607,744 | a,b | 9,328,870 |
Universal Display | 272,882 | a,b | 14,913,001 |
Viavi Solutions | 2,725,797 | b | 21,397,506 |
118,819,213 | |||
Transportation - 8.4% | |||
ArcBest | 267,069 | 8,132,251 | |
Avis Budget Group | 683,531 | b | 26,172,402 |
Knight Transportation | 652,505 | 22,837,675 | |
Werner Enterprises | 652,537 | 17,651,126 | |
74,793,454 | |||
Utilities - .2% | |||
Calpine | 191,833 | b | 2,138,938 |
Total Common Stocks (cost $727,786,638) | 891,881,266 | ||
Other Investment - .6% | Shares | Value ($) | |
Registered Investment Company; | |||
Dreyfus Institutional Preferred Government Plus Money Market Fund | |||
(cost $5,581,114) | 5,581,114 | c | 5,581,114 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Investment of Cash Collateral for Securities Loaned - 9.6% | Shares | Value ($) | ||
Registered Investment Company; | ||||
Dreyfus Institutional Preferred Money Market Fund, Hamilton Shares | ||||
(cost $85,807,853) | 85,807,853 | c | 85,807,853 | |
Total Investments (cost $819,175,605) | 110.0 | % | 983,270,233 | |
Liabilities, Less Cash and Receivables | (10.0 | %) | (89,645,273 | ) |
Net Assets | 100.0 | % | 893,624,960 |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
a |
Security, or portion thereof, on loan. At November 30, 2016, the value of the fund’s securities on loan was $123,608,573 and the value of the collateral held by the fund was $124,671,934, consisting of cash collateral of $85,807,853 and U.S. Government & Agency securities valued at $38,864,081. |
b |
Non-income producing security. |
c |
Investment in affiliated money market mutual fund. |
Portfolio Summary (Unaudited)† | Value (%) |
Banks | 14.6 |
Technology Hardware & Equipment | 13.3 |
Diversified Financials | 10.4 |
Money Market Investments | 10.2 |
Transportation | 8.4 |
Semiconductors & Semiconductor Equipment | 7.9 |
Pharmaceuticals, Biotechnology & Life Sciences | 7.1 |
Software & Services | 6.2 |
Materials | 5.6 |
Retailing | 5.5 |
Media | 5.1 |
Commercial & Professional Services | 3.6 |
Capital Goods | 2.8 |
Consumer Durables & Apparel | 2.4 |
Automobiles & Components | 1.6 |
Energy | 1.5 |
Exchange-Traded Funds | 1.3 |
Consumer Services | .8 |
Health Care Equipment & Services | .8 |
Household & Personal Products | .7 |
Utilities | .2 |
110.0 |
† Based on net assets.
See notes to financial statements.
STATEMENT OF INVESTMENTS
Dreyfus Opportunistic Small Cap Fund
November 30, 2016 (Unaudited)
The following is a summary of the inputs used as of November 30, 2016 in valuing the fund’s investments:
Level 2 - Other | ||||
Level 1 - Unadjusted | Significant | Level 3 -Significant | ||
Quoted Prices | Observable Inputs | Unobservable Inputs | Total | |
Assets ($) | ||||
Investments in Securities: | ||||
Equity Securities— | ||||
Domestic Common | ||||
Stocks† | 799,179,804 | - | - | 799,179,804 |
Equity Securities— | ||||
Foreign Common | ||||
Stocks† | 80,918,814 | - | - | 80,918,814 |
Exchange-Traded Funds | 11,782,648 | - | - | 11,782,648 |
Mutual Funds | 91,388,967 | - | - | 91,388,967 |
† See Statement of Investments for additional detailed categorizations.
NOTES
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:
Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. For open short positions, asked prices are used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not
NOTES
traded on an exchange are valued at their net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.
Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices. U.S. Treasury Bills are valued at the mean price between quoted bid prices and asked prices by an independent pricing service (the"Service") approved by the Board Members ("Board").These securities are generally categorized within Level 2 of the fair value hierarchy.
The Service’s procedures are reviewed by Dreyfus under the general supervision of the Board.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant American Depository Receipts and financial futures. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.
When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.
Pursuant to a securities lending agreement with The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by Dreyfus or U.S. Government and Agency securities. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, The Bank of New York Mellon is required to replace the securities for the
NOTES
benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund’s rights against the borrower and the collateral.
Effective July 1, 2015, the fund adopted new accounting guidance under Accounting Standards Update No. 2014-11, which requires expanded disclosures related to financial assets pledged in secured financing transactions (such as securities lending) and the related contractual maturity terms of these secured transactions. The type of securities loaned for which cash collateral was received, is indicated in the Statement of Investments. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis.
At November 30, 2016, accumulated net unrealized appreciation on investments was $164,094,628, consisting of $187,583,731 gross unrealized appreciation and $23,489,103 gross unrealized depreciation.
At November 30, 2016, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC on Form N-CSR.
STATEMENT OF INVESTMENTS
Dreyfus Opportunistic U.S. Stock Fund
November 30, 2016 (Unaudited)
Common Stocks - 99.7% | Shares | Value ($) | |
Automobiles & Components - 2.3% | |||
Visteon | 7,277 | 572,482 | |
Banks - 13.7% | |||
Bank of America | 53,755 | 1,135,306 | |
Citigroup | 18,726 | 1,055,959 | |
MGIC Investment | 78,462 | a | 711,650 |
Wells Fargo & Co. | 9,327 | 493,585 | |
3,396,500 | |||
Capital Goods - 5.3% | |||
Honeywell International | 5,741 | 654,130 | |
Snap-on | 3,930 | 657,096 | |
1,311,226 | |||
Diversified Financials - 12.3% | |||
E*TRADE Financial | 15,678 | a | 541,048 |
Intercontinental Exchange | 12,836 | 711,114 | |
SLM | 52,737 | a | 531,062 |
Synchrony Financial | 36,477 | 1,260,645 | |
3,043,869 | |||
Energy - 6.8% | |||
Pioneer Natural Resources | 5,033 | 961,504 | |
Superior Energy Services | 41,146 | b | 709,357 |
1,670,861 | |||
Exchange-Traded Funds - 4.7% | |||
iShares Russell 1000 ETF | 1,519 | 186,594 | |
SPDR S&P 500 ETF Trust | 2,207 | 486,379 | |
Vanguard S&P 500 ETF | 2,414 | 488,594 | |
1,161,567 | |||
Food, Beverage & Tobacco - 4.9% | |||
Coca-Cola | 11,132 | 449,176 | |
Conagra Brands | 8,159 | 299,354 | |
Lamb Weston Holdings | 2,720 | a | 91,054 |
Molson Coors Brewing, Cl. B | 3,923 | 384,572 | |
1,224,156 | |||
Health Care Equipment & Services - 3.3% | |||
Abbott Laboratories | 11,595 | 441,422 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks - 99.7% (continued) | Shares | Value ($) | |
Health Care Equipment & Services - 3.3% (continued) | |||
Brookdale Senior Living | 32,959 | a | 383,313 |
824,735 | |||
Materials - 4.7% | |||
Dow Chemical | 9,229 | 514,240 | |
Steel Dynamics | 17,973 | 637,682 | |
1,151,922 | |||
Pharmaceuticals, Biotechnology & Life Sciences - 3.9% | |||
Allergan | 1,961 | 381,022 | |
Mylan | 15,618 | a | 571,775 |
952,797 | |||
Retailing - 5.0% | |||
Lithia Motors, Cl. A | 6,398 | 587,976 | |
Staples | 66,659 | 644,592 | |
1,232,568 | |||
Semiconductors & Semiconductor Equipment - 9.3% | |||
Broadcom | 3,275 | 558,355 | |
Microchip Technology | 9,118 | b | 603,429 |
Power Integrations | 9,322 | 627,371 | |
Xilinx | 9,636 | 520,151 | |
2,309,306 | |||
Software & Services - 16.2% | |||
Alphabet, Cl. C | 1,087 | a | 823,989 |
Facebook, Cl. A | 4,618 | a | 546,864 |
Fortinet | 14,825 | a | 446,232 |
HubSpot | 7,959 | a | 446,500 |
Oracle | 19,979 | 802,956 | |
salesforce.com | 7,626 | a | 549,072 |
Splunk | 6,994 | a,b | 402,994 |
4,018,607 | |||
Technology Hardware & Equipment - 1.8% | |||
Amphenol, Cl. A | 6,637 | 453,042 | |
Transportation - 3.0% | |||
Union Pacific | 7,209 | 730,488 | |
Utilities - 2.5% | |||
American Water Works | 8,705 | 630,851 | |
Total Common Stocks (cost $22,240,144) | 24,684,977 | ||
Investment of Cash Collateral for Securities Loaned - 1.7% | |||
Registered Investment Company; | |||
Dreyfus Institutional Preferred Money Market Fund, Hamilton Shares | |||
(cost $404,745) | 404,745 | c | 404,745 |
Total Investments (cost $22,644,889) | 101.4 | % | 25,089,722 | |
Liabilities, Less Cash and Receivables | (1.4 | %) | (335,709 | ) |
Net Assets | 100.0 | % | 24,754,013 |
a |
Non-income producing security. |
b |
Security, or portion thereof, on loan. At November 30, 2016, the value of the fund’s securities on loan was $1,516,889 and the value of the collateral held by the fund was $1,464,265, consisting of cash collateral of $404,745 and U.S. Government & Agency securities valued at $1,059,520. |
c |
Investment in affiliated money market mutual fund. |
Portfolio Summary (Unaudited)† | Value (%) |
Software & Services | 16.2 |
Banks | 13.7 |
Diversified Financials | 12.3 |
Semiconductors & Semiconductor Equipment | 9.3 |
Energy | 6.8 |
Capital Goods | 5.3 |
Retailing | 5.0 |
Food, Beverage & Tobacco | 4.9 |
Exchange-Traded Funds | 4.7 |
Materials | 4.7 |
Pharmaceuticals, Biotechnology & Life Sciences | 3.9 |
Health Care Equipment & Services | 3.3 |
Transportation | 3.0 |
Utilities | 2.5 |
Automobiles & Components | 2.3 |
Technology Hardware & Equipment | 1.8 |
Money Market Investment | 1.7 |
101.4 |
ETF—Exchange-Traded Fund
SPDR—Standard & Poor's Depository Receipt
† Based on net assets.
See notes to financial statements.
STATEMENT OF INVESTMENTS
Dreyfus Opportunistic U.S. Stock Fund
November 30, 2016 (Unaudited)
The following is a summary of the inputs used as of November 30, 2016 in valuing the fund’s investments:
Level 1 | Level 2 - Other | |||
Unadjusted | Significant | Level 3 Significant | ||
Quoted Prices | Observable Inputs | Unobservable Inputs | Total | |
Assets ($) | ||||
Investments in Securities: | ||||
Equity Securities - Domestic | ||||
Common Stocks† | 22,965,055 | - | - | 22,965,055 |
Equity Securities - Foreign Common | ||||
Stocks† | 558,355 | - | - | 558,355 |
Exchange-Traded Funds | 1,161,567 | - | - | 1,161,567 |
Mutual Funds | 404,745 | - | - | 404,745 |
† | See Statement of Investments for additional detailed categorizations. |
NOTES
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:
Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. For open short positions, asked prices are used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not
NOTES
traded on an exchange are valued at their net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.
Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices. These securities are generally categorized within Level 2 of the fair value hierarchy.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant American Depository Receipts and financial futures. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.
When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the fund's Board Members (the "Board"). Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.
Pursuant to a securities lending agreement with The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by Dreyfus or U.S. Government and Agency securities. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, The Bank of New York Mellon is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund’s rights against the borrower and the collateral.
Effective July 1, 2015, the fund adopted new accounting guidance under Accounting Standards Update No. 2014-11, which requires expanded disclosures related to financial
NOTES
assets pledged in secured financing transactions (such as securities lending) and the related contractual maturity terms of these secured transactions. The type of securities loaned for which cash collateral was received, is indicated in the Statement of Investments. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis.
At November 30, 2016, accumulated net unrealized appreciation on investments was $2,444,833, consisting of $3,132,400 gross unrealized appreciation and $687,567 gross unrealized depreciation.
At November 30, 2016, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC on Form N-CSR.
STATEMENT OF INVESTMENTS
Dreyfus Strategic Value Fund
November 30, 2016 (Unaudited)
Common Stocks - 99.9% | Shares | Value ($) | |
Automobiles & Components - .6% | |||
Goodyear Tire & Rubber | 367,433 | 11,276,519 | |
Banks - 12.5% | |||
Bank of America | 3,033,307 | 64,063,444 | |
BB&T | 336,297 | 15,217,439 | |
Comerica | 244,042 | 15,557,678 | |
JPMorgan Chase & Co. | 1,080,210 | 86,600,436 | |
PNC Financial Services Group | 197,145 | 21,792,408 | |
SunTrust Banks | 377,540 | 19,613,203 | |
222,844,608 | |||
Capital Goods - 7.1% | |||
General Dynamics | 76,669 | 13,443,909 | |
Honeywell International | 218,512 | 24,897,257 | |
Northrop Grumman | 34,457 | 8,602,190 | |
Raytheon | 359,166 | 53,709,684 | |
United Technologies | 237,316 | 25,563,680 | |
126,216,720 | |||
Consumer Services - .7% | |||
Carnival | 251,447 | 12,926,890 | |
Diversified Financials - 15.6% | |||
Berkshire Hathaway, Cl. B | 381,866 | a | 60,120,983 |
Charles Schwab | 514,105 | 19,875,299 | |
E*TRADE Financial | 680,876 | a | 23,497,031 |
Goldman Sachs Group | 231,309 | 50,723,751 | |
Morgan Stanley | 763,743 | 31,588,410 | |
Raymond James Financial | 259,416 | 18,662,387 | |
Synchrony Financial | 1,054,156 | 36,431,631 | |
Voya Financial | 936,320 | 36,394,758 | |
277,294,250 | |||
Energy - 14.8% | |||
Anadarko Petroleum | 415,560 | 28,735,974 | |
EOG Resources | 457,348 | 46,887,317 | |
Halliburton | 654,898 | 34,768,535 | |
Kinder Morgan | 724,292 | 16,079,282 | |
Marathon Petroleum | 227,874 | 10,714,635 | |
Occidental Petroleum | 758,719 | 54,142,188 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks - 99.9% (continued) | Shares | Value ($) | |
Energy - 14.8% (continued) | |||
Phillips 66 | 384,712 | 31,961,873 | |
Pioneer Natural Resources | 121,751 | 23,259,311 | |
Valero Energy | 271,754 | 16,729,176 | |
263,278,291 | |||
Exchange-Traded Funds - 1.3% | |||
iShares Russell 1000 Value ETF | 209,026 | 22,974,048 | |
Food & Staples Retailing - .9% | |||
Walgreens Boots Alliance | 188,617 | 15,981,518 | |
Food, Beverage & Tobacco - 7.6% | |||
Archer-Daniels-Midland | 370,906 | 16,034,266 | |
Coca-Cola | 371,802 | 15,002,211 | |
Coca-Cola European Partners | 374,770 | 12,165,034 | |
ConAgra Foods | 490,630 | 18,001,215 | |
Kellogg | 300,043 | 21,603,096 | |
Lamb Weston Holdings | 290,813 | a | 9,736,430 |
Molson Coors Brewing, Cl. B | 323,734 | 31,735,644 | |
Mondelez International, Cl. A | 269,042 | 11,095,292 | |
135,373,188 | |||
Health Care Equipment & Services - 5.5% | |||
Abbott Laboratories | 492,364 | 18,744,297 | |
Boston Scientific | 901,180 | a | 18,438,143 |
Humana | 65,636 | 13,956,839 | |
Laboratory Corporation of America Holdings | 88,502 | a | 11,137,977 |
UnitedHealth Group | 167,330 | 26,491,686 | |
Zimmer Biomet Holdings | 83,680 | 8,523,645 | |
97,292,587 | |||
Insurance - 4.4% | |||
Chubb | 137,493 | 17,599,104 | |
Hartford Financial Services Group | 371,017 | 17,482,321 | |
Prudential Financial | 424,521 | 42,706,813 | |
77,788,238 | |||
Materials - 5.9% | |||
CF Industries Holdings | 653,914 | b | 18,924,271 |
Dow Chemical | 147,095 | 8,196,133 | |
Martin Marietta Materials | 119,273 | 26,174,460 | |
Packaging Corporation of America | 295,595 | b | 25,054,632 |
Vulcan Materials | 209,585 | 26,334,355 | |
104,683,851 | |||
Media - 3.2% | |||
Omnicom Group | 203,714 | 17,710,895 |
Common Stocks - 99.9% (continued) | Shares | Value ($) | |
Media - 3.2% (continued) | |||
Time Warner | 345,416 | 31,716,097 | |
Viacom, Cl. B | 217,683 | 8,158,759 | |
57,585,751 | |||
Pharmaceuticals, Biotechnology & Life Sciences - 3.8% | |||
Bristol-Myers Squibb | 219,146 | 12,368,600 | |
Eli Lilly & Co. | 210,146 | 14,105,000 | |
Merck & Co. | 688,995 | 42,159,604 | |
68,633,204 | |||
Real Estate - 1.0% | |||
Communications Sales & Leasing | 737,647 | c | 18,389,540 |
Retailing - 1.0% | |||
Staples | 1,875,609 | 18,137,139 | |
Semiconductors & Semiconductor Equipment - 3.6% | |||
Applied Materials | 562,496 | 18,112,371 | |
Microchip Technology | 266,000 | b | 17,603,880 |
Texas Instruments | 380,417 | 28,124,229 | |
63,840,480 | |||
Software & Services - 3.6% | |||
Alphabet, Cl. A | 19,228 | a | 14,918,621 |
eBay | 469,612 | a | 13,059,910 |
Oracle | 598,183 | 24,040,975 | |
Teradata | 462,837 | a | 12,427,173 |
64,446,679 | |||
Technology Hardware & Equipment - 4.5% | |||
Apple | 136,325 | 15,066,639 | |
Cisco Systems | 1,166,032 | 34,771,074 | |
Corning | 734,071 | 17,639,726 | |
Harris | 125,600 | 13,007,136 | |
80,484,575 | |||
Transportation - 2.3% | |||
Delta Air Lines | 565,078 | 27,225,458 | |
United Continental Holdings | 205,689 | a | 14,182,257 |
41,407,715 | |||
Total Common Stocks (cost $1,462,681,494) | 1,780,855,791 | ||
Other Investment - .2% | |||
Registered Investment Company; | |||
Dreyfus Institutional Preferred Government Plus Money Market Fund | |||
(cost $3,798,459) | 3,798,459 | d | 3,798,459 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Investment of Cash Collateral for Securities Loaned - 1.5% | Shares | Value ($) | ||
Registered Investment Company; | ||||
Dreyfus Institutional Preferred Money Market Fund, Hamilton Shares | ||||
(cost $26,469,522) | 26,469,523 | d | 26,469,523 | |
Total Investments (cost $1,492,949,475) | 101.6 | % | 1,811,123,773 | |
Liabilities, Less Cash and Receivables | (1.6 | %) | (27,736,499 | ) |
Net Assets | 100.0 | % | 1,783,387,274 |
a |
Non-income producing security. |
b |
Security, or portion thereof, on loan. At November 30, 2016, the value of the fund’s securities on loan was $33,340,915 and the value of the collateral held by the fund was $33,725,436, consisting of cash collateral of $26,469,523 and U.S. Government & Agency securities valued at $7,255,913. |
c |
Investment in real estate investment trust. |
d |
Investment in affiliated money market mutual fund. |
Portfolio Summary (Unaudited)† | Value (%) |
Diversified Financials | 15.6 |
Energy | 14.8 |
Banks | 12.5 |
Food, Beverage & Tobacco | 7.6 |
Capital Goods | 7.1 |
Materials | 5.9 |
Health Care Equipment & Services | 5.5 |
Technology Hardware & Equipment | 4.5 |
Insurance | 4.4 |
Pharmaceuticals, Biotechnology & Life Sciences | 3.8 |
Software & Services | 3.6 |
Semiconductors & Semiconductor Equipment | 3.6 |
Media | 3.2 |
Transportation | 2.3 |
Money Market Investments | 1.7 |
Exchange-Traded Funds | 1.3 |
Real Estate | 1.0 |
Retailing | 1.0 |
Food & Staples Retailing | .9 |
Consumer Services | .7 |
Automobiles & Components | .6 |
101.6 |
† Based on net assets.
See notes to financial statements.
STATEMENT OF INVESTMENTS
Dreyfus Strategic Value Fund
November 30, 2016 (Unaudited)
The following is a summary of the inputs used as of November 30, 2016 in valuing the fund’s investments:
Level 2 - Other | ||||
Level 1 - Unadjusted | Significant | Level 3 -Significant | ||
Quoted Prices | Observable Inputs | Unobservable Inputs | Total | |
Assets ($) | ||||
Investments in Securities: | ||||
Equity Securities— | ||||
Domestic Common | ||||
Stocks† | 1,757,881,743 | - | - | 1,757,881,743 |
Exchange-Traded Funds | 22,974,048 | - | - | 22,974,048 |
Mutual Funds | 30,267,982 | - | - | 30,267,982 |
† | See Statement of Investments for additional detailed categorizations. |
NOTES
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:
Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. For open short positions, asked prices are used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not
NOTES
traded on an exchange are valued at their net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.
Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices. U.S. Treasury Bills are valued at the mean price between quoted bid prices and asked prices by an independent pricing service (the"Service") approved by the Board Members ("Board").These securities are generally categorized within Level 2 of the fair value hierarchy.
The Service’s procedures are reviewed by Dreyfus under the general supervision of the Board.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant American Depository Receipts and financial futures. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.
When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.
Pursuant to a securities lending agreement with The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by Dreyfus or U.S. Government and Agency securities. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, The Bank of New York Mellon is required to replace the securities for the
NOTES
benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund’s rights against the borrower and the collateral.
Effective July 1, 2015, the fund adopted new accounting guidance under Accounting Standards Update No. 2014-11, which requires expanded disclosures related to financial assets pledged in secured financing transactions (such as securities lending) and the related contractual maturity terms of these secured transactions. The type of securities loaned for which cash collateral was received, is indicated in the Statement of Investments. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis.
At November 30, 2016, accumulated net unrealized appreciation on investments was $318,174,298, consisting of $340,825,363 gross unrealized appreciation and $22,651,065 gross unrealized depreciation.
At November 30, 2016, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC on Form N-CSR.
STATEMENT OF INVESTMENTS
Dreyfus Structured Midcap Fund
November 30, 2016 (Unaudited)
Common Stocks - 99.8% | Shares | Value ($) | |
Automobiles & Components - .9% | |||
Visteon | 25,465 | 2,003,332 | |
Banks - 4.3% | |||
Cathay General Bancorp | 85,320 | 2,994,732 | |
East West Bancorp | 109,840 | 5,259,139 | |
First Horizon National | 56,635 | 1,080,596 | |
9,334,467 | |||
Capital Goods - 14.9% | |||
Allison Transmission Holdings | 75,985 | 2,520,422 | |
BWX Technologies | 6,195 | 242,596 | |
CLARCOR | 26,900 | 1,895,105 | |
Curtiss-Wright | 22,320 | 2,243,606 | |
GATX | 44,975 | a | 2,457,434 |
HD Supply Holdings | 60,820 | b | 2,386,577 |
Huntington Ingalls Industries | 25,645 | 4,584,300 | |
Lennox International | 30,520 | a | 4,537,408 |
Oshkosh | 33,740 | 2,361,800 | |
Owens Corning | 50,780 | 2,609,076 | |
Spirit AeroSystems Holdings, Cl. A | 63,895 | 3,721,884 | |
Toro | 42,030 | 2,224,648 | |
United Rentals | 2,770 | b | 280,075 |
32,064,931 | |||
Commercial & Professional Services - .1% | |||
Deluxe | 3,140 | 212,578 | |
Consumer Durables & Apparel - 5.5% | |||
Brunswick | 87,370 | 4,378,984 | |
KB Home | 75,880 | a | 1,201,939 |
NVR | 1,560 | b | 2,488,200 |
Tempur Sealy International | 60,290 | a,b | 3,816,357 |
11,885,480 | |||
Consumer Services - 1.6% | |||
Darden Restaurants | 47,520 | 3,483,216 | |
Diversified Financials - 2.8% | |||
Affiliated Managers Group | 22,210 | b | 3,289,301 |
CBOE Holdings | 23,330 | 1,607,437 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks - 99.8% (continued) | Shares | Value ($) | |
Diversified Financials - 2.8% (continued) | |||
SEI Investments | 25,025 | 1,180,680 | |
6,077,418 | |||
Energy - 1.5% | |||
World Fuel Services | 74,280 | 3,302,489 | |
Food & Staples Retailing - 1.6% | |||
Sprouts Farmers Markets | 175,590 | a,b | 3,513,556 |
Food, Beverage & Tobacco - 3.3% | |||
Blue Buffalo Pet Products | 38,320 | b | 897,838 |
Dean Foods | 214,785 | 4,265,630 | |
Ingredion | 14,500 | 1,702,010 | |
J.M. Smucker | 1,350 | 170,033 | |
7,035,511 | |||
Health Care Equipment & Services - 5.8% | |||
Allscripts Healthcare Solutions | 76,170 | b | 836,347 |
Halyard Health | 34,200 | b | 1,270,530 |
Hologic | 71,975 | b | 2,755,203 |
Teleflex | 21,770 | 3,220,436 | |
WellCare Health Plans | 32,000 | b | 4,384,640 |
12,467,156 | |||
Insurance - 6.7% | |||
Aspen Insurance Holdings | 25,170 | 1,282,412 | |
CNO Financial Group | 59,900 | 1,072,210 | |
Hanover Insurance Group | 24,330 | 2,106,735 | |
Old Republic International | 210,070 | 3,753,951 | |
Primerica | 53,515 | a | 3,783,511 |
Reinsurance Group of America | 20,230 | 2,469,072 | |
14,467,891 | |||
Materials - 8.9% | |||
Bemis | 7,675 | 384,287 | |
Cabot | 67,540 | 3,439,812 | |
Celanese, Ser. A | 22,150 | 1,756,938 | |
Commercial Metals | 151,890 | 3,343,099 | |
Crown Holdings | 21,170 | b | 1,151,436 |
PolyOne | 51,430 | 1,695,647 | |
Reliance Steel & Aluminum | 56,625 | 4,592,287 | |
Steel Dynamics | 5,590 | 198,333 | |
Worthington Industries | 46,850 | 2,636,718 | |
19,198,557 | |||
Media - .9% | |||
New York Times, Cl. A | 144,765 | 1,881,945 |
Common Stocks - 99.8% (continued) | Shares | Value ($) | |
Pharmaceuticals, Biotechnology & Life Sciences - 4.5% | |||
Bruker | 31,060 | 704,441 | |
Charles River Laboratories International | 36,260 | b | 2,578,086 |
Mettler-Toledo International | 9,615 | b | 3,961,572 |
United Therapeutics | 19,490 | a,b | 2,448,139 |
9,692,238 | |||
Real Estate - 9.6% | |||
First Industrial Realty Trust | 56,740 | c | 1,500,773 |
Kilroy Realty | 68,530 | c | 4,957,460 |
Lamar Advertising, Cl. A | 69,105 | c | 4,580,970 |
Post Properties | 51,070 | c | 3,320,571 |
Tanger Factory Outlet Centers | 71,460 | c | 2,463,226 |
Weingarten Realty Investors | 111,485 | c | 3,958,832 |
20,781,832 | |||
Retailing - 2.6% | |||
Big Lots | 77,380 | a | 3,916,202 |
The Michaels Companies | 69,730 | b | 1,700,017 |
5,616,219 | |||
Semiconductors & Semiconductor Equipment - .7% | |||
Integrated Device Technology | 61,885 | b | 1,448,109 |
Software & Services - 11.5% | |||
CDK Global | 12,840 | 740,868 | |
Citrix Systems | 45,545 | b | 3,950,118 |
Convergys | 84,090 | 2,175,408 | |
CoreLogic | 60,520 | b | 2,283,420 |
DST Systems | 31,735 | 3,275,369 | |
Fair Isaac | 10,880 | 1,236,947 | |
Manhattan Associates | 6,600 | b | 345,840 |
Mentor Graphics | 130,965 | 4,786,771 | |
NeuStar, Cl. A | 82,825 | a,b | 2,008,506 |
Nuance Communications | 210,385 | b | 3,410,341 |
VeriSign | 6,680 | b | 526,718 |
24,740,306 | |||
Technology Hardware & Equipment - 4.8% | |||
Arrow Electronics | 25,515 | b | 1,741,909 |
Belden | 34,030 | 2,514,817 | |
InterDigital | 27,235 | 2,157,012 | |
IPG Photonics | 5,945 | a,b | 570,244 |
NCR | 89,460 | b | 3,466,575 |
10,450,557 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks - 99.8% (continued) | Shares | Value ($) | ||
Telecommunication Services - .5% | ||||
CenturyLink | 45,240 | a | 1,064,045 | |
Transportation - .1% | ||||
Alaska Air Group | 2,825 | a | 232,413 | |
Utilities - 6.7% | ||||
FirstEnergy | 109,795 | 3,435,486 | ||
Great Plains Energy | 148,550 | 3,920,235 | ||
MDU Resources Group | 142,590 | 3,966,854 | ||
NiSource | 147,500 | 3,236,150 | ||
14,558,725 | ||||
Total Common Stocks (cost $186,836,905) | 215,512,971 | |||
Other Investment - .3% | Shares | Value ($) | ||
Registered Investment Company; | ||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | ||||
(cost $604,510) | 604,510 | d | 604,510 | |
Investment of Cash Collateral for Securities Loaned - 7.3% | ||||
Registered Investment Company; | ||||
Dreyfus Institutional Preferred Money Market Fund, Hamilton Shares | ||||
(cost $15,668,133) | 15,668,133 | d | 15,668,133 | |
Total Investments (cost $203,109,548) | 107.4 | % | 231,785,614 | |
Liabilities, Less Cash and Receivables | (7.4 | %) | (15,886,649 | ) |
Net Assets | 100.0 | % | 215,898,965 |
a |
Security, or portion thereof, on loan. At November 30, 2016, the value of the fund’s securities on loan was $25,201,920 and the value of the collateral held by the fund was $25,990,015, consisting of cash collateral of $15,668,133 and U.S. Government & Agency securities valued at $10,321,882. |
b |
Non-income producing security. |
c |
Investment in real estate investment trust. |
d |
Investment in affiliated money market mutual fund. |
Portfolio Summary (Unaudited)† | Value (%) |
Capital Goods | 14.9 |
Software & Services | 11.5 |
Real Estate | 9.6 |
Materials | 8.9 |
Money Market Investments | 7.6 |
Insurance | 6.7 |
Utilities | 6.7 |
Health Care Equipment & Services | 5.8 |
Consumer Durables & Apparel | 5.5 |
Technology Hardware & Equipment | 4.8 |
Pharmaceuticals, Biotechnology & Life Sciences | 4.5 |
Banks | 4.3 |
Food, Beverage & Tobacco | 3.3 |
Diversified Financials | 2.8 |
Retailing | 2.6 |
Consumer Services | 1.6 |
Food & Staples Retailing | 1.6 |
Energy | 1.5 |
Automobiles & Components | .9 |
Media | .9 |
Semiconductors & Semiconductor Equipment | .7 |
Telecommunication Services | .5 |
Commercial & Professional Services | .1 |
Transportation | .1 |
107.4 |
† Based on net assets.
See notes to financial statements.
STATEMENT OF INVESTMENTS
Dreyfus Structured Midcap Fund
November 30, 2016 (Unaudited)
The following is a summary of the inputs used as of November 30, 2016 in valuing the fund’s investments:
Level 2 - Other | ||||
Level 1 - Unadjusted | Significant | Level 3 -Significant | ||
Quoted Prices | Observable Inputs | Unobservable Inputs | Total | |
Assets ($) | ||||
Investments in Securities: | ||||
Equity Securities— | ||||
Domestic Common | ||||
Stocks† | 215,512,971 | - | - | 215,512,971 |
Mutual Funds | 16,272,643 | - | - | 16,272,643 |
† | See Statement of Investments for additional detailed categorizations. |
NOTES
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:
Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. For open short positions, asked prices are used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not
NOTES
traded on an exchange are valued at their net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.
Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices. U.S. Treasury Bills are valued at the mean price between quoted bid prices and asked prices by an independent pricing service (the"Service") approved by the Board Members ("Board").These securities are generally categorized within Level 2 of the fair value hierarchy.
The Service’s procedures are reviewed by Dreyfus under the general supervision of the Board.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant American Depository Receipts and financial futures. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.
When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.
Pursuant to a securities lending agreement with The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by Dreyfus or U.S. Government and Agency securities. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, The Bank of New York Mellon is required to replace the securities for the
NOTES
benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund’s rights against the borrower and the collateral.
Effective July 1, 2015, the fund adopted new accounting guidance under Accounting Standards Update No. 2014-11, which requires expanded disclosures related to financial assets pledged in secured financing transactions (such as securities lending) and the related contractual maturity terms of these secured transactions. The type of securities loaned for which cash collateral was received, is indicated in the Statement of Investments. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis.
At November 30, 2016, accumulated net unrealized appreciation on investments was $28,676,066, consisting of $34,775,668 gross unrealized appreciation and $6,099,602 gross unrealized depreciation.
At November 30, 2016, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC on Form N-CSR.
STATEMENT OF INVESTMENTS
Dreyfus Technology Growth Fund
November 30, 2016 (Unaudited)
Common Stocks - 97.2% | Shares | Value ($) | |
Communications Equipment - 3.6% | |||
Cisco Systems | 296,348 | 8,837,097 | |
Electronic Equipment & Instruments - 6.4% | |||
Amphenol, Cl. A | 145,441 | 9,927,803 | |
Tesla Motors | 30,773 | a,b | 5,828,406 |
15,756,209 | |||
Health Care Equipment & Services - 2.5% | |||
ABIOMED | 37,788 | b | 4,241,325 |
DexCom | 30,750 | b | 2,007,667 |
6,248,992 | |||
Internet & Catalog Retail - 10.4% | |||
Amazon.com | 11,708 | b | 8,787,674 |
Netflix | 61,117 | b | 7,150,689 |
Priceline Group | 6,353 | b | 9,552,879 |
25,491,242 | |||
Internet Software & Services - 18.2% | |||
Alphabet, Cl. A | 10,248 | b | 7,951,218 |
Alphabet, Cl. C | 14,715 | b | 11,154,559 |
Facebook, Cl. A | 81,703 | b | 9,675,269 |
Splunk | 157,019 | b | 9,047,435 |
Tencent Holdings | 282,200 | 7,047,269 | |
44,875,750 | |||
IT Services - 6.7% | |||
Paychex | 116,330 | 6,857,653 | |
Visa, Cl. A | 124,590 | 9,633,299 | |
16,490,952 | |||
Semiconductors & Semiconductor Equipment - 20.4% | |||
Applied Materials | 175,653 | 5,656,027 | |
Broadcom | 62,136 | 10,593,567 | |
Lam Research | 109,554 | 11,614,915 | |
Microchip Technology | 176,533 | 11,682,954 | |
Texas Instruments | 144,118 | 10,654,644 | |
50,202,107 | |||
Software - 15.5% | |||
Citrix Systems | 102,917 | b | 8,925,991 |
Oracle | 274,747 | 11,042,082 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks - 97.2% (continued) | Shares | Value ($) | ||
Software - 15.5% (continued) | ||||
salesforce.com | 146,633 | b | 10,557,576 | |
Workday, Cl. A | 88,737 | a,b | 7,482,304 | |
38,007,953 | ||||
Software & Services - 13.5% | ||||
eBay | 314,834 | b | 8,755,534 | |
HubSpot | 92,241 | b | 5,174,720 | |
LogMeIn | 48,447 | 4,885,880 | ||
Microsoft | 143,547 | 8,650,142 | ||
Teradata | 213,371 | b | 5,729,011 | |
33,195,287 | ||||
Total Common Stocks (cost $183,011,604) | 239,105,589 | |||
Limited Partnership Interests - .0% | ||||
Semiconductors & Semiconductor Equipment - .0% | ||||
Bluestream Ventures LP | ||||
(cost $829,893) | 1,655 | b,c | 97,762 | |
Other Investment - .8% | Shares | Value ($) | ||
Registered Investment Company; | ||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | ||||
(cost $1,927,807) | 1,927,807 | d | 1,927,807 | |
Investment of Cash Collateral for Securities Loaned - 2.4% | ||||
Registered Investment Company; | ||||
Dreyfus Institutional Preferred Money Market Fund, Hamilton Shares | ||||
(cost $5,894,977) | 5,894,977 | d | 5,894,977 | |
Total Investments (cost $191,664,281) | 100.4 | % | 247,026,135 | |
Liabilities, Less Cash and Receivables | (.4 | %) | (944,410 | ) |
Net Assets | 100.0 | % | 246,081,725 |
LP—Limited Partnership
a |
Security, or portion thereof, on loan. At November 30, 2016, the value of the fund’s securities on loan was $12,620,396 and the value of the collateral held by the fund was $12,860,085, consisting of cash collateral of $5,894,977 and U.S. Government & Agency securities valued at $6,965,108. |
b |
Non-income producing security. |
c |
Security restricted as to public resale. |
d |
Investment in affiliated money market mutual fund. |
Portfolio Summary (Unaudited)† | Value (%) |
Semiconductors & Semiconductor Equipment | 20.4 |
Internet Software & Services | 18.2 |
Software | 15.5 |
Software & Services | 13.5 |
Internet & Catalog Retail | 10.4 |
IT Services | 6.7 |
Electronic Equipment & Instruments | 6.4 |
Communications Equipment | 3.6 |
Money Market Investments | 3.2 |
Health Care Equipment & Services | 2.5 |
100.4 |
† Based on net assets.
See notes to financial statements.
STATEMENT OF INVESTMENTS
Dreyfus Technology Growth Fund
November 30, 2016 (Unaudited)
The following is a summary of the inputs used as of November 30, 2016 in valuing the fund’s investments:
Level 2 - Other | ||||
Level 1 - Unadjusted | Significant | Level 3 -Significant | ||
Quoted Prices | Observable Inputs | Unobservable Inputs | Total | |
Assets ($) | ||||
Investments in Securities: | ||||
Equity Securities— | ||||
Domestic Common | ||||
Stocks† | 221,464,753 | - | - | 221,464,753 |
Equity Securities— | ||||
Foreign Common | ||||
Stocks† | 17,640,836 | - | - | 17,640,836 |
Limited Partnership | ||||
Interests† | - | - | 97,762 | 97,762 |
Mutual Funds | 7,822,784 | - | - | 7,822,784 |
† | See Statement of Investments for additional detailed categorizations. |
NOTES
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:
Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. For open short positions, asked prices are used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not
NOTES
traded on an exchange are valued at their net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.
Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices. U.S. Treasury Bills are valued at the mean price between quoted bid prices and asked prices by an independent pricing service (the"Service") approved by the Board Members ("Board").These securities are generally categorized within Level 2 of the fair value hierarchy.
The Service’s procedures are reviewed by Dreyfus under the general supervision of the Board.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant American Depository Receipts and financial futures. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.
When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.
The fair value of the fund’s interest in a limited partnership represents the amount that the fund could reasonably expect to receive from the limited partnership if the fund’s capital was withdrawn from the limited partnership at the time of valuation, based on information available at the time the valuation is made and that the fund believes to be reliable. The valuation utilizes financial information supplied by the limited partnership with adjustments made daily for any underlying exchange traded securities. Limited partnerships are generally categorized within Level 3 of the fair value hierarchy.
Pursuant to a securities lending agreement with The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by
NOTES
collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by Dreyfus or U.S. Government and Agency securities. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, The Bank of New York Mellon is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund’s rights against the borrower and the collateral.
Effective July 1, 2015, the fund adopted new accounting guidance under Accounting Standards Update No. 2014-11, which requires expanded disclosures related to financial assets pledged in secured financing transactions (such as securities lending) and the related contractual maturity terms of these secured transactions. The type of securities loaned for which cash collateral was received, is indicated in the Statement of Investments. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis.
At November 30, 2016, accumulated net unrealized appreciation on investments was $55,361,854, consisting of $61,223,115 gross unrealized appreciation and $5,861,261 gross unrealized depreciation.
At November 30, 2016, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC on Form N-CSR.
Item 2. Controls and Procedures.
(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant's most recently ended fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 3. Exhibits.
(a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.
FORM N-Q
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
Advantage Funds, Inc.
By: /s/ Bradley J. Skapyak
Bradley J. Skapyak
President
Date: January 12, 2017
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: /s/ Bradley J. Skapyak
Bradley J. Skapyak
President
Date: January 12, 2017
By: /s/ James Windels
James Windels
Treasurer
Date: January 12, 2017
EXHIBIT INDEX
(a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)
SECTION 302 CERTIFICATION
I, Bradley J. Skapyak, certify that:
1. I have reviewed this report on Form N-Q of Advantage Funds, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
By: /s/ Bradley J. Skapyak
Bradley J. Skapyak
President
Date: January 12, 2017
SECTION 302 CERTIFICATION
I, James Windels, certify that:
1. I have reviewed this report on Form N-Q of Advantage Funds, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
By: /s/ James Windels
James Windels
Treasurer
Date: January 12, 2017
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Canadian Banc Corp. Monthly Dividend Declaration for Class A & Preferred Share
- Revolutionizing Skincare: Pure Pro Aesthetics Unveils Groundbreaking Exosome LLT Pro Solution from Isov Sorex
- Board Declares Quarterly Dividend; Increases Share Repurchase Authorization and Elects New Officer
Create E-mail Alert Related Categories
SEC FilingsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!